Patrick Completes Diamondback Towers Acquisition
Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed the acquisition of Diamondback Towers LLC, a Florida-based manufacturer of wakeboard and ski towers and accessories for marine original equipment manufacturers. Financial terms of the deal were not disclosed.
“Diamondback’s industry relationships, standards for quality and service, and engineering and design capabilities are an ideal fit with our full solutions model and strong brand portfolio,” said Andy Nemeth, chief executive officer of Patrick. “Diamondback’s vision also aligns well with our capacity expansion plans and automation strategies. As with previous acquisitions, we will provide a financial and operational foundation that will allow Diamondback Marine to continue to capitalize on its core competencies.”
Patrick says Diamondback will continue to operate on a stand-alone basis under the Diamondback Marine name in its existing facility.
“Our team is excited to join forces with Patrick and its independent brand philosophy,” said Bobby Fleckinger, president of Diamondback. “We are poised to leverage Patrick’s broad strategic resources and marine industry presence to further our values and goal of providing the highest quality, innovative solutions to our customers.”
Earlier this year, Patrick completed its acquisition of Arizona-based Rockford Corp. and the Rockford Fosgate brand. Rockford designs and distributes audio systems and components for the powersports, marine, and automotive industries.